The cost of labor , materials , property taxes , inflation , interest rates  etc .

By having a higher credit score or lowering your LTV you can reduce your interest rate and help to increase your DSCR.3.

Many PMs ask for this in their agreements to reduce their own liability exposure.

If you constantly cash-out refi you reduce equity and cash flow.

Diversifying your portfolio could reduce risk and improve overall returns.Higher Cash Flow Potential: If you redeploy the equity into markets with higher cash-on-cash returns, you could significantly increase your monthly cash flow.

My agent is saying that we are unable to split the contract that way (or reduce the purchase price), so I'm trying to figure out options.

Increase your earnings, reduce expenses, save up, and invest.

Options like a unique amortization schedule or a 3/2/1 or 2/1 stepdown interest rate could provide initial relief to get you through the renovation phase while giving the seller confidence in a structured payoff plan.To determine an entry point, consider reducing the price based on the current NOI.

If your manager is just 'keeping an eye' on things, collecting/reminding on a few rents here and there and some light cleanup while being compensated in free or reduced space rent then classifying them as 1099 subcontractor is great. 

Additionally, timing the sale in a lower-income year or exploring potential deductions could further reduce your tax liability.